BrightAccountsProduction v1.0.0 v1.0.0 2022-07-01 The company was not dormant during the period The company was trading for the entire period Unaudited Accounts Production of precast concrete products, ready mix concrete and floor screed 12 September 2023 NI637961 2023-06-30 NI637961 2022-06-30 NI637961 2021-06-30 NI637961 2022-07-01 2023-06-30 NI637961 2021-07-01 2022-06-30 NI637961 uk-bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI637961 uk-curr:PoundSterling 2022-07-01 2023-06-30 NI637961 uk-bus:AbridgedAccounts 2022-07-01 2023-06-30 NI637961 uk-core:ShareCapital 2023-06-30 NI637961 uk-core:ShareCapital 2022-06-30 NI637961 uk-core:RetainedEarningsAccumulatedLosses 2023-06-30 NI637961 uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 NI637961 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-06-30 NI637961 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-06-30 NI637961 uk-core:RestatedAmount uk-core:RetainedEarningsAccumulatedLosses 2022-06-30 NI637961 uk-core:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 NI637961 uk-bus:FRS102 2022-07-01 2023-06-30 NI637961 uk-core:Buildings 2022-07-01 2023-06-30 NI637961 uk-core:PlantMachinery 2022-07-01 2023-06-30 NI637961 uk-core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 NI637961 uk-core:MotorVehicles 2022-07-01 2023-06-30 NI637961 uk-core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 NI637961 2022-07-01 2023-06-30 NI637961 uk-bus:Director1 2022-07-01 2023-06-30 NI637961 uk-bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares
 
 
 
Smith Concrete Limited
 
Abridged Unaudited Financial Statements
 
for the financial year ended 30 June 2023



Smith Concrete Limited
DIRECTORS' REPORT
for the financial year ended 30 June 2023

 
The directors present their report and the unaudited financial statements for the financial year ended 30 June 2023.
 
Principal Activity
Production of precast concrete products, ready mix concrete and floor screed
     
Results and Dividends
The profit for the financial year after providing for depreciation and taxation amounted to £12,518 (2022 - £84,550).
     
Directors
The directors who served during the financial year are as follows:
     
James Smith
Niall Smith
   
There were no changes in shareholdings between 30 June 2023 and the date of signing the financial statements.
     
In accordance with the Articles of Association, the directors retire by rotation and, being eligible, offer themselves for re-election.
     
Political Contributions
The company did not make any disclosable political donations in the current financial year.
     
Statement of Directors' Responsibilities
     
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
     
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A (Small Entities). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:
- select suitable accounting policies and apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
     
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
     
Special provisions relating to small companies
The above report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
     
     
On behalf of the board
     
     
___________________________
James Smith
Director
     
12 September 2023



Smith Concrete Limited
ABRIDGED PROFIT AND LOSS ACCOUNT
for the financial year ended 30 June 2023
2023 2022
Notes £ £

Gross profit 761,011 865,766
 
Administrative expenses (739,505) (749,929)
───────── ─────────
Operating profit 21,506 115,837
 
Interest payable and similar expenses (14,046) (13,167)
───────── ─────────
Profit before taxation 7,460 102,670
 
Tax on profit 5,058 (18,120)
───────── ─────────
Profit for the financial year 12,518 84,550
───────── ─────────
Total comprehensive income 12,518 84,550
    ═════════   ═════════



Smith Concrete Limited
Company Registration Number: NI637961
ABRIDGED BALANCE SHEET
as at 30 June 2023

2023 2022
Notes £ £
 
Fixed Assets
Intangible assets 4 179 401
Tangible assets 5 330,126 355,095
───────── ─────────
330,305 355,496
───────── ─────────
 
Current Assets
Stocks 176,551 85,201
Debtors 327,630 503,353
Cash and cash equivalents 59,121 54,494
───────── ─────────
563,302 643,048
───────── ─────────
Creditors: amounts falling due within one year (507,024) (584,751)
───────── ─────────
Net Current Assets 56,278 58,297
───────── ─────────
Total Assets less Current Liabilities 386,583 413,793
 
Creditors:
amounts falling due after more than one year (53,156) (74,708)
 
Provisions for liabilities (52,555) (62,301)
───────── ─────────
Net Assets 280,872 276,784
═════════ ═════════
 
Capital and Reserves
Called up share capital 5 5
Retained earnings 280,867 276,779
───────── ─────────
Equity attributable to owners of the company 280,872 276,784
═════════ ═════════
 
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A (Small Entities).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
           
The directors confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in question in accordance with section 476 of the Companies Act 2006.
           
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its profit and loss for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
           
Approved by the Board and authorised for issue on 12 September 2023 and signed on its behalf by
           
           
________________________________          
James Smith          
Director          
           



Smith Concrete Limited
RECONCILIATION OF SHAREHOLDERS' FUNDS
as at 30 June 2023

Called up Retained Total
share earnings
capital
£ £ £
 
At 1 July 2021 5 192,229 192,234
───────── ───────── ─────────
Profit for the financial year - 84,550 84,550
───────── ───────── ─────────
At 30 June 2022 5 276,779 276,784
  ───────── ───────── ─────────
Profit for the financial year - 12,518 12,518
  ───────── ───────── ─────────
Payment of dividends - (8,430) (8,430)
  ───────── ───────── ─────────
At 30 June 2023 5 280,867 280,872
  ═════════ ═════════ ═════════



Smith Concrete Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 30 June 2023

   
1. General Information
 
Smith Concrete Limited is a company limited by shares incorporated in Northern Ireland. Ballincraig Way, Greenbank Industrial Estate, Newry, Co. Down, BT34 2QX, Northern Ireland is the registered office, which is also the principal place of business of the company. The nature of the company’s operations and its principal activities are set out in the Directors' Report. The financial statements have been presented in Pound (£) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the year ended 30 June 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of goods supplied by the company, exclusive of trade discounts and value added tax.
 
Intangible assets
 
Number Plates
Number Plates are valued at cost less accumulated amortisation.
 
Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful life of 4 years.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Short leasehold property - 4% Straight line
  Plant and machinery - 20% Reducing Balance
  Fixtures, fittings and equipment - 20% Reducing Balance
  Motor vehicles - 20% Reducing Balance
  Concrete Batching Plant - 8% Straight Line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Leasing and hire purchases
Tangible assets held under leasing and Hire Purchases arrangements which transfer substantially all the risks and rewards of ownership to the company are capitalised and included in the Balance Sheet at their cost or valuation, less depreciation. The corresponding commitments are recorded as liabilities. Payments in respect of these obligations are treated as consisting of capital and interest elements, with interest charged to the Profit and Loss Account.
 
Stocks
Stockss are valued at the lower of cost and net realisable value. Stockss are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Borrowing costs
Borrowing costs relating to the acquisition of assets are capitalised at the appropriate rate by adding them to the cost of assets being acquired. Investment income earned on the temporary investment of specific borrowings pending their expenditure on the assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Employee benefits
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company also operates a defined benefit pension scheme for its employees providing benefits based on final pensionable pay. The assets of this scheme are also held separately from those of the company, being invested with pension fund managers.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
       
3. Employees
 
The average monthly number of employees, including directors, during the financial year was 19, (2022 - 19).
 
  2023 2022
  Number Number
 
Admin Staff 5 5
Production Staff 13 14
  ───────── ─────────
  18 19
  ═════════ ═════════
       
4. Intangible assets
  Number Plates  
    Total
  £ £
Cost
At 1 July 2022 2,470 2,470
  ───────── ─────────
 
At 30 June 2023 2,470 2,470
  ───────── ─────────
Amortisation
At 1 July 2022 2,069 2,069
Charge for financial year 222 222
  ───────── ─────────
At 30 June 2023 2,291 2,291
  ───────── ─────────
Net book value
At 30 June 2023 179 179
  ═════════ ═════════
At 30 June 2022 401 401
  ═════════ ═════════

               
5. Tangible assets
  Short Plant and Fixtures, Motor Concrete Batching Plant Total
  leasehold machinery fittings and vehicles    
  property   equipment      
  £ £ £ £ £ £
Cost
At 1 July 2022 24,834 484,420 17,425 6,239 165,991 698,909
Additions - 38,750 5,531 - - 44,281
Disposals - (4,594) (5,019) - - (9,613)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 30 June 2023 24,834 518,576 17,937 6,239 165,991 733,577
  ───────── ───────── ───────── ───────── ───────── ─────────
Depreciation
At 1 July 2022 5,380 250,869 9,552 4,573 73,440 343,814
Charge for the financial year 993 49,453 1,816 333 14,240 66,835
On disposals - (3,490) (3,708) - - (7,198)
  ───────── ───────── ───────── ───────── ───────── ─────────
At 30 June 2023 6,373 296,832 7,660 4,906 87,680 403,451
  ───────── ───────── ───────── ───────── ───────── ─────────
Net book value
At 30 June 2023 18,461 221,744 10,277 1,333 78,311 330,126
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════
At 30 June 2022 19,454 233,551 7,873 1,666 92,551 355,095
  ═════════ ═════════ ═════════ ═════════ ═════════ ═════════

           
5.1. Tangible assets continued
 
Included above are assets held under finance leases or hire purchase contracts as follows:
 
  2023   2022  
  Net Depreciation Net Depreciation
  book value charge book value charge
  £ £ £ £
 
Plant and machinery 67,844 12,133 93,697 23,424
  ═════════ ═════════ ═════════ ═════════
       
6. Capital commitments
 
The company had no material capital commitments at the financial year-ended 30 June 2023.
   
7. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.